In a move to enhance market health and consolidate liquidity, Coinbase (NASDAQ:COIN), a leading US cryptocurrency exchange, has suspended 80 non-USD trading pairs from its platforms, including Advanced Trade and Coinbase Prime. The announcement came on Tuesday, following an initial statement on October 3.
The suspended trading pairs involved cryptocurrencies such as Bitcoin, Tether, Ethereum, and fiat currencies like euro and pound. These pairs were largely low-volume altcoins. Despite the suspension, Coinbase users can continue trading these assets in more liquid USD order books using their USDC balances on the Advanced Trade platform.
This decision reflects a series of liquidity-enhancing measures taken by Coinbase. The exchange had previously suspended 41 non-USD markets in mid-September due to a significant drop in trading volumes over the course of the year.
While facing legal challenges in the US over allegations of operating an illegal exchange, Coinbase continues to expand globally. The company has been securing licenses in Singapore and Bermuda as part of its international growth strategy.
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